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Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.
However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur.
The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection and a bullish engulfing weekly candlestick on February 26.
Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (Weekly Supply) where significant bearish rejection was expressed.
The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts (Fundamental Reasons).
Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).
Today, price action should be watched for a short-term BUY entry. Initial bullish targets should be located at 1.2800 and 1.2900. S/L is recommended to be set as daily closure below 1.2700.
On the other hand, the GBP/USD pair remains trapped inside the depicted consolidation range between 1.2700 and 1.3550 until breakout occurs in either direction.
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